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We will soon be closing my fathers estate. The problem I have…

Customer Question

We will soon be closing...

We will soon be closing my father's estate. The problem I have is there is an equity loan of $80k on the home. My father's name is XXXXX XXXXX name on the deed. There is more than enough equity left in the home to refinance, however no bank will make a loan unless the deed is in my name but i can't get the deed in my name because of the lein. Is there any way around this catch 22 or am I going to lose this home to foreclosure.

Experience: 25 years experience in general law, including real estate, criminal, traffic, and domestic relations

Verified

DearCustomer- I'm not certain which banks you have contacted but I would suggest talking to the holder of the home equity loan and see if they will approve you transferring the property to your name (assuming you are the beneficiary of the house) and assuming the loan with some time limit to refinance. That would get the property into your name and then you can deal with any bank you wish to get the home equity loan paid off.

There is no reason to lose the home to foreclosure if there is sufficient equity to refinance. I would think that the holder of the HELOC would rather be paid than have to foreclose however banks are strange so there's no guarantee. The other possibility is for you to qualify for a mortgage and simply buy the house from the estate. You would have to do that in either case so that may be the best way to go.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).